HRM/531 week 3
Merit Pay
Compensation and benefit programs for employees need to be an exceptional
offer that is developed to attract and retain the best and talented employees. A merit
pay compensation strategy is used for an incentive pay based on goals and achievements
set by the employer. Compensations that are recommended for this company is a health
benefit package that is managed by the employees. This package consists of medical,
vision, and dental coverage. The medical insurance is PPO and HMO of choice. Dental
coverage has a limit per person of $1500 of service a year. Vision has free yearly eye
exam and discount cost on eyewear. This will make the employees feel proud and valued
to work for this organization.
Conclusion
The fundamental purpose and the objective of the organization compensation are
to provide equitable rewards that are appropriate for employees that highlight from their
abilities, skills, and the contributions to the company. Employee compensation has key
factors and strategies would help this company maintain satisfactory of the employees
and the organization as a whole. A compensation structure and benefit strategy is
analyzed for a medium size organization and market evaluation and position. The
company strategy consists of cost, ability to pay, legal requirements, which motivate and
maintain skilled employees. The plan has provided performance incentives and merit pay
for the employees that are suitable for their employees. The laws of benefits and pay
programs are provided so that the organization has proper and informed choices that would benefit the employer and employees. The compensation and benefit program is
essential to new hires decision to remain employed for the company.
Compensation and benefit programs for employees need to be an exceptional
offer that is developed to attract and retain the best and talented employees. A merit
pay compensation strategy is used for an incentive pay based on goals and achievements
set by the employer. Compensations that are recommended for this company is a health
benefit package that is managed by the employees. This package consists of medical,
vision, and dental coverage. The medical insurance is PPO and HMO of choice. Dental
coverage has a limit per person of $1500 of service a year. Vision has free yearly eye
exam and discount cost on eyewear. This will make the employees feel proud and valued
to work for this organization.
Conclusion
The fundamental purpose and the objective of the organization compensation are
to provide equitable rewards that are appropriate for employees that highlight from their
abilities, skills, and the contributions to the company. Employee compensation has key
factors and strategies would help this company maintain satisfactory of the employees
and the organization as a whole. A compensation structure and benefit strategy is
analyzed for a medium size organization and market evaluation and position. The
company strategy consists of cost, ability to pay, legal requirements, which motivate and
maintain skilled employees. The plan has provided performance incentives and merit pay
for the employees that are suitable for their employees. The laws of benefits and pay
programs are provided so that the organization has proper and informed choices that would benefit the employer and employees. The compensation and benefit program is
essential to new hires decision to remain employed for the company.